/start ups

News and resources on fintech start-ups, scale-ups, hubs, accelerators, VCs and funding worldwide.

Mastercard welcomes six fintechs to Start Path in Solidarity programme

Source: Mastercard

From a space-as-a-service app for the beauty industry to health expense-saving solutions, six fintechs join the Mastercard Start Path In Solidarity program to grow their businesses.

In the startup ecosystem, availability of seed and angel investments is crucial to startup growth. In the U.S., startups with at least one Black founder receive a lower percentage of deal counts and venture dollars. In fact, Black-founded startups have only received 1.1% of venture funding over the last several years. To help change this and achieve full inclusive growth, everyone must have the same opportunities to access the physical, virtual and social networks that drive the modern economy. Providing underinvested founders with funding and direct access to channels to fuel their business can catalyze economic growth.

Investing in fintechs led by underrepresented founders is one of many ways that Mastercard is using its assets to address the racial wealth and opportunity gap in America. Through its award-winning global startup engagement program, Start Path, the In Solidarity pathway is dedicated to supporting early- to mid-stage startups led by Black founders.

Mastercard considers grants or investments in participating startups on a case-by-case basis to ensure they have access to the funding they need to advance and scale their business. The companies receive stage-relevant support, including enterprise partnership readiness training, a dedicated mentor and introductions to investors and Mastercard customers. Throughout the program, the founders also have opportunities for technology collaboration and forums to pitch their solutions to prospects.

This programming is part of Mastercard’s In Solidarity commitment of $500 million in products, services, technology and financial support to help close the racial wealth and opportunity gap in America.

“Mastercard is taking meaningful action to advance inclusion and equality by focusing on the needs of underserved communities and helping Black-founded fintechs scale through hands-on mentorship, training and direct access to potential partners to grow their business,” said Salah Goss, senior vice president, Mastercard Center for Inclusive Growth. “The Start Path In Solidarity program builds on our longstanding efforts towards equity and inclusion and puts a great focus on supporting Black tech founders as we move well beyond our $500 million commitment."

Mastercard has engaged more than 360 startups from 49 countries through Start Path since the program was founded in 2014. Today, many of these companies are entering the public markets, reaching unicorn status and entering extended commercial engagements with Mastercard and its customers.

The new intake are join the 21 companies already part of the Start Path In Solidarity program to scale new products and solutions across industries - from beauty and healthcare to security and energy conservation:

Comments: (0)